Turkey’s Kontrolmatik Defaults on 450 Million Liras Debt

Turkey’s Kontrolmatik Enerji ve Muhendislik defaulted on two separate lira bonds that matured on Friday, according to a statement by Turkey’s Central Securities Depository, marking a rare corporate debt default in the country’s local bond market.

The Turkish technology and engineering company failed to make the scheduled payment on two TLRef-indexed floating rate bonds due May 15, the depository said. The instruments included a 250-million-lira ($5.5 million) two-year bond and a 200-million-lira one-year bond.